My wife and I were walking our friends dogs when my wife said "what's that in the sky?". When I looked up I saw a orange bright ball in the sky. We were near Burbank Airport, so I thought it was a plane coming in for a landing, but there were no flashing lights typical for planes. Then I noticed how slowly it was moving and it was slightly wobbling, moving left and right as it traveled. This lasted for about 1 minute or so. The object then stopped and hovered for about 15-20 seconds when it began to flicker. It then ejected a smaller object. It then began to fade in the sky.